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Scottish Trust Deed Forum
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Topic starter
13/12/2013 4:33 pm
My wife and I have just received our 3rd report and I am disgusted by the numbers on it . My wife's debt was £10500 and over the 3 years she has paid £5400 and the fees that have been taken off her payments only leaves £1200 to creditors and I have paid £5760 and total fees are £4300 which only leaves £1460 to creditors and now they want to extend it for another 2 years. Because off equity in our home . But I am raging about this as looking at it the trustee firm will be yet again more than the creditors . I just wish I never took out a trust deed and stayed on a debt management plan at least the creditors would have got most of there money instead off a firm that has lied to us from day one .
13/12/2013 6:27 pm
Fees are agreed with creditors so I didnt give two hoots what was charged in my trust deed. The other issue regarding equity, was this explained to you at the start?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
13/12/2013 11:55 pm
Paul we were told that we were not to worry about equity even though we had a secured loan on our property which would be finished before the trust deed was and we are on a repayment mortgage so the redemption figure was always going to come down by a big chunk . But we were told that the creditors didn't need to be told about the loan being finished and we would be debt free in 3 years .
14/12/2013 12:43 am
What firm is that you are with?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
14/12/2013 9:48 am
Creditfix .
14/12/2013 11:02 am
Hi Golfer66.
Are the fees out of proportion to the fees you originally agreed to?
The details should be on your documentation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/12/2013 12:43 pm
TDA if I'm being honest I didn't even take notice of the fees at the start as I thought the creditors would get most off the money . I knew there would be fees but didn't notice it would be so high . Just looked at the report and the fees are just over £1000 more than the original estimate .
Topic starter
14/12/2013 12:46 pm
I had only 4 creditors but on the report it says only 2 have submitted a claim . So how long have the other 2 got to make a claim ????
14/12/2013 7:01 pm
Hi.
I've answered this on the new thread you started on this topic.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
15/12/2013 8:27 am
Was an equity figure agreed at the start of the td? Is the figure accurate?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
15/12/2013 12:01 pm
I would say that those fees are normal. If you want to see out of control fees go look at my thread "overpayment".
Tony
Topic starter
15/12/2013 2:51 pm
Paul we were told from day one not to worry about equity . Even though we are on a repayment mortgage and they were also told that our secured loan would be finished but we were told the creditors wouldn't have to be told the loan was finished .
15/12/2013 7:35 pm
Do you have anything in writing from the start of your trust deed about equity, Golfer66?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
18/12/2013 2:51 pm
Kevin all I can see on the original documents is that it is thought there would be no equity after the 3 years .
18/12/2013 3:10 pm
Hi Golfer66
has a new valuation been carried out?
have you provided them with your current redemption figure?
If you paid of your secured loan within 3 years this would have given you more disposable income.
You should have had a letter stating how they proposed to deal with your equity at the start of your Trust Deed.
Michael
Michael
Michael is not currently posting in the Trust-Deed.co.uk forum.
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